Whether you’re a new member of a team or a veteran within a business, taking part in revenue operations can help a company succeed. Revenue operations (RevOps) are company management incentives that allow a business to prioritize capital. Learning more about RevOps and its benefits can help strengthen your company’s capital and capabilities. In this article, we discuss what revenue operations are, their benefits and tips for implementing a revenue operations team into your employer’s system.
What is RevOps?
RevOps is a process that helps maximize an organization’s revenue potential. By aligning and organizing marketing, service and sales goals, a RevOps team both coordinates success between departments and aims for a higher revenue target. The team does everything necessary to improve revenue in every department. They may create internal operations plans, change client policies, improve the buying process for clients or change the company culture to increase profitability.
Related: How To Increase Revenue
Three core pillars of RevOps
In revenue operations, the teams have three main scopes, each focusing on an element of the business that can improve. These three core pillars of RevOps include:
Process
Process explains the steps needed to take an idea and turn it into a result. To change or improve products and services or create them more efficiently, business owners also need to change the process. Processes provide a measurable and repeatable structure that teams need to produce output consistently. Parts of a business process also include the tools, team members and technology needed to create a product. Considering the use of a process can help improve both the product and the business as a whole.
Related: The Complete Guide to Operating Revenue (Plus Examples)
Strategy
Strategy is the plan to accomplish a goal. While a process may be the literal steps toward reaching a goal, a strategy outlines how that process takes place. A strategy is everyone’s goal and is usually something easily defined and actionable throughout the business. Strategies are communication points that business leaders can use to persuade stakeholders.
Execution
Execution is the direct output of a process and strategy. It provides feedback from results consistently, showing employees and leaders what the company is doing, what works consistently and what can change for everyone’s benefit. By evaluating how a team uses a strategy and process, business leaders evaluate everyone’s execution methods. Improving a process and strategy can help a business thrive but improving the execution of those other two pillars can create processes that continuously improve and strategies that consistently evolve.
Related: How To Find Revenue
Benefits of RevOps
There are many benefits to having a RevOps team within a business such as:
Increased sales
RevOps teams work to improve sales while aligning department goals. They may focus on different departments as they need assistance, depending on the current state of the business. No matter what department they’re helping, RevOps teams still have the singular goal of improving profits. They meet with marketing teams, customer representatives and financial strategists to create new ways for the business to create and close sales.
Improved functions
Primarily, RevOps teams work with marketing, customer service and sales departments to improve those business functions. They can also work with other elements of the business, such as production and environmental departments, to help lessen overhead or production costs that detract from a company’s overall capital. Because RevOps teams work with every department to improve profits, they can establish continuously improving systems.
Related: How To Calculate Revenue
Improving goal unity
The RevOps team has the independent goal of improving the profitability of a business. They have the authority in most departments to adjust policies, conduct investigations and manage employees so that the business can work toward a unified objective. By helping all departments work toward this goal, a RevOps team improves goal unity.
Satisfying customers
One of the RevOps team’s main goals is to improve customer satisfaction. This helps secure sales and encourages future revenue increases from loyal customers. A RevOps team may institute customer loyalty services, discount plans and marketing strategies to help ensure the business gains new customers and keeps loyal ones.